Central Tokyo Has More Condos for Sale — and Buyers Are Becoming More Selective

Tokyo’s resale condominium market is beginning to show an interesting contradiction.

Prices remain extremely high, but the number of properties available for sale is rising rapidly.

In July 2026, the average transaction price for a resale condominium in Tokyo’s three central wards — Chiyoda, Chuo and Minato — was approximately ¥130.95 million.

That was 3.6% higher than the previous month, although still 5.9% lower than a year earlier. The average transaction price has now risen for two consecutive months from its 2026 low in May.

At the same time, inventory is growing much faster.

There were 4,942 resale condominiums listed for sale in the three central wards in July, an increase of 50.5% year on year.

That is a major change in market conditions.

Another number is even more revealing.

The average asking price of listed properties was approximately ¥202.08 million, while the average transaction price was ¥130.95 million. The difference between those two market averages was more than ¥71 million.

This does not mean buyers are routinely negotiating ¥71 million discounts. The listed properties and the properties actually sold are not necessarily the same units.

But the data does highlight a growing disconnect between seller expectations and the prices buyers are actually accepting.

For several years, central Tokyo property owners became accustomed to rapidly rising prices. Many sellers are therefore entering the market with aggressive asking prices based on recent appreciation.

Buyers, however, appear to be becoming more selective.

July transaction volume in the three central wards totaled 228 units, down 18.6% from the previous year. Meanwhile, inventory continues to accumulate.

This could create opportunities.

Properties with exceptional characteristics — prestigious buildings, strong locations, high floors, views, large floor plans or recently renovated interiors — may continue to command premium pricing.

Ordinary units priced as though they were exceptional may have a harder time finding buyers.

For investors and overseas buyers, this is potentially a healthier market.

Instead of feeling pressure to purchase immediately because prices are rising everywhere, buyers may increasingly be able to compare several properties, analyze transaction data and negotiate with sellers whose units have remained on the market for longer periods.

Tokyo has not suddenly become a buyer’s market.

But after years of extremely strong price growth, negotiating power may slowly be returning to buyers in certain parts of the resale market.